Common use of Change in Rate; Calculations of Interest Clause in Contracts

Change in Rate; Calculations of Interest. Each change in the rate of interest for any Loans shall become effective, without prior notice to the Borrowers, automatically as of the opening of business of Administrative Agent on the date of said change. Administrative Agent shall use commercially reasonable efforts to give the applicable Borrower prompt notice of any change in the rate of interest for any Loans after such change becomes effective; provided, however, that any failure by Administrative Agent to provide such Borrower with such notice shall not affect Administrative Agent’s right to make changes in the rate of interest for any Loans. Interest on the unpaid principal balance of each Loan (other than Prime Rate Loans, LIBOR Rate Loans denominated in Sterling and any other Alternative Currency where it is market practice to calculate on a 365 or 366 days basis) shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days.